20
comments:

ben22
said...

thanks as always Ra

reposting this from bottom thread since this one is running now:

@Jennifer,

I take a little issue with that wedge. Wedges are supposed to take "more than 3 weeks to complete" but that wedge is going on two years. Wedges are also said to normally be patterns seen at Minor or at most intermediate in their trend implication (Edwards and Magee)

lets next pretend that doesn't matter for a minute, here's something that might give pause: "once prices break out of the wedge to the downside they usually waste little time before declining in earnest.....the ensuing drop ordinarily retraces all of the ground gained within the wedge itself and sometimes more."

so this compounds the problem of the degree of trend I just mentioned and how that wedge is drawn.

that particular wedge is started at the March 09 lows....even as a bear, it's hard to imagine we would erase it all quickly as the wedge pattern demands if it is legit, Neely's or Andy's (C) wave is likely not to get much lower than 800.....it could go lower, but is that the best probability?

If the chart plays out, in many cases wedges can go all the way to the apex, and sometimes go past it in the last gasp out of it, this would bring us to new nominal highs.

I'd also point out the angle of the bottom trend line of the wedge could be drawn differently, and what I'm getting at here is that I've seen various techs re-draw that wedge now for almost a year, I think because of the issues I mention above that's why it keeps failing, and maybe isn't the best interpretation of where we're at.

still, the pattern is there to watch and worth keeping an eye on, so thanks for pointing that out again.

Thanks for that. I think it is interesting to me, not so much for its "wedgieness", but rather for the integrity of those trendlines, which do seem to have significance.

I hadn't read E&M on wedges...I think it is interesting that their "true" wedges take 3 weeks to complete. I see wedges across all time frames and find them to be pretty reliable trading patterns, but maybe I'm not trading them as wedges per se but rather just as a place to enter and place stops. I'll have to think about that.

WASHINGTON — Faced with a Congress hostile to even slight restrictions of Second Amendment rights, the Obama administration is exploring potential changes to gun laws that can be secured strictly through executive action, administration officials say.

The Department of Justice held the first in what is expected to be a series of meetings on Tuesday afternoon with a group of stakeholders in the ongoing gun-policy debates. Before the meeting, officials said part of the discussion was expected to center around the White House’s options for shaping policy on its own or through its adjoining agencies and departments — on issues ranging from beefing up background checks to encouraging better data-sharing.

Administration officials said talk of executive orders or agency action are among a host of options that President Barack Obama and his advisers are considering. “The purpose of these discussions is to be a productive exchange of good ideas from folks across the spectrum,” one official said. “We think that’s a good place to start.”

Earlier in the day, House Democrats joined New York City Mayor Michael Bloomberg to offer another possible starting point, announcing legislation that would make fundamental changes to the nation’s gun background check system. Sponsored by Rep. Carolyn McCarthy (D-N.Y.), a longtime gun control advocate, the bill mirrors one introduced late last month by another New York Democrat, Sen. Chuck Schumer....http://revolutionarypolitics.com/?p=4941

http://finviz.com/quote.ashx?t=RGR

much different chart..here:http://finviz.com/quote.ashx?t=SWHC&ty=c&ta=1&p=d

i am undone about that road! vindicated. i am like a horse that won't cross a weak bridge.. I drove that road a few years ago and was so unnerved and and freaked out I said never again will I take that route.

Even the Canucks put a frigate in place two weeks ago for "undisclosed" reasons...they don't use these things to evacuate civilians...they use them to insert JTF-2, SAS, Delta boys...more fun on the way.

NRA.....why would they lobby against bailouts? what's that got to do with them? Same thing with torture or such things found within the Patriot Act such as the legal spying the government can now do here. People in the NRA pay dues as far as I know so that the NRA represents and lobbies for one thing in particular. Couldn't you say the same thing about any special interest group, that they aren't lobbying against those things? So why single out the NRA?

Also, there are millions of gun owners, lets not make the stupid media mistake of trying to label them all and what they are probably like, or how this group might seem most likely to fall for a certain rhetoric.

to put it the way you did, seems to me that people that rally and lobby for gun control are the people that are most likely to fall for the idea that the government will keep them safe through those measures.

@Anon, for those of us less educated, can please provide a list of all the organizations that, unlike the NRA, are part of the great American unification effort?

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